RBC Capital Markets, LLC broker Joseph Chu (CRD# 4546805) faces multiple customer complaints for energy sector losses. Chu has been registered with RBC Capital Markets, LLC in Stamford, Connecticut since 2018. Previously, Chu was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Greenwich, Connecticut from 2002 to 2018.
Chu has been the subject of six customer complaints between 2008 and 2021, two of which were denied, according to his CRD report:
- June 2021. “Claimant contends that their financial advisor was negligent and breached their fiduciary duty by recommending unsuitable and overconcentrated energy equities, and the Firm failed to supervise the same.” The customer is seeking $1 million in damages in this pending complaint.
- November 2020. “The claimant alleged he suffered a net loss of more than 65% of his Employee Pension IRA Account value due to the FA’s failure to properly diversify the account and by their discretionary purchase of single company stocks almost all in oil and gas or energy sectors that were not appropriate for the client’s objectives or risk tolerance.” The customer is seeking $367,452 in damages.
- August 2020. “Claimant contends Respondent recommended unsuitable investments in oil-producing and industrial metals & materials stocks leading to an over concentration in those sectors which was outside of their investment objectives. Claimants allege the accounts declined in value from September 2018 through January 20, 2020.” The customer is seeking $1,600,000 in damages and the case is currently pending. The complaint was regarding oil and gas investments and took place while Chu was registered with RBC Capital Markets, LLC.
- July 2020. “Claimants are alleging that the Financial Advisor misrepresented the risk of allocation in Energy and Material sectors investments and over concentrated the Claimant’s accounts in highly volatile investments.” The customer is seeking $500,001 in damages and the case is currently pending. The complaint was regarding oil and gas investments and common and preferred stocks. The complaint took place while Chu was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, L.L.C.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, RBC Capital Markets, LLC may be liable for investment or other losses suffered by Chu’s customers.
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